ExxonMobil to Start Production from Second FPSO in Guyana Next Month

Sabrina Valle;
Friday, January 28, 2022

Exxon Mobil Corp. next month plans to start production at its second oil platform in Guyana, a person familiar with the matter said Tuesday.

Guyana is one of Exxon's top bets for production growth. Its recent discoveries are expected to drive recoverable oil and gas volumes beyond 10 billion barrels, the person said. 

The second vessel, Liza Unity, will almost triple the South American country's production this year to 340,000 barrels of oil and gas per day from about 120,000 bpd. Exxon and partners control all output in the nascent oil nation, where production started in 2019. An Exxon-led consortium operates the Stabroek block off the coast of Guyana. 

Exxon is the operator with a 45% stake while U.S. oil company Hess Corp owns a 30% stake and China's CNOOC Ltd holds 25%. 

The new volume estimate will incorporate oil and gas from Fangtooth-1 and Lau Lau-1 wells, both made public earlier this month. In all, the consortium has disclosed 28 significant discoveries in the country. 

Hess, which released fourth-quarter financial results on Wednesday, has said it expects the Stabroek block to produce 1 million barrels per day of oil and gas in Guyana by 2027. That's about twice Exxon's production in the U.S. Permian basin. 

A third floating production storage and offloading (FPSO) vessel, named Prosperity, is under construction and expected to deliver its first oil in 2024. 

The consortium plans to deploy between seven and 10 platforms in Guyana, officials have said. 

Reporting by Sabrina Valle; Editing by Cynthia Osterman


Categories: FPSO Floating Production Production Activity Energy

Related Stories

Chevron Sanctions $1.6B Ballymore Deepwater Project in U.S. Gulf of Mexico

Bahrain State Oil Company to Appoint Financial Adviser, CEO Says

Green Groups Sue Canadian Gov't Over Approval of Equinor's Bay du Nord Offshore Oil Project

Current News

Construction Permit Granted for 640 MW Swedish Kriegers Flak Offshore Wind Farm

German Ex-chancellor Schroeder under EU Pressure over Rosneft, Gazprom

Offshore Wind: CIP, AIM Plan to Build Artificial Energy Island in German North Sea

Petrobras Studying Offshore Wind for the Long Run, CEO Says

Subscribe for OE Digital E‑News